Gold prices fell in Saudi Arabia at the beginning of trading on Tuesday, affected by the global drop in the precious metal prices.
The price of a gram of 24-carat gold in the Kingdom was 203.51 riyals ($ 54.27), compared to 204.84 riyals ($ 54.62) in yesterday’s dealings.
The price of a gram of 21 carat gold (the most traded in the Kingdom) was 178.08 riyals (47.49 dollars), compared to 179.42 riyals (47.80 dollars) yesterday.
The price of a gram of 18 carats was about 152.64 riyals ($ 40.70), compared to 153.63 riyals ($ 40.02).
The price of a gram of 14 carat gold at the beginning of trading Tuesday was about 118.72 riyals (31.66 dollars), compared to 119.49 riyals (31.86 dollars) on Monday.
An ounce and a pound of gold
The price of an ounce in Saudi Arabia was about 6333.75 riyals (1689 dollars), compared to 6375 riyals (1700 dollars) in yesterday’s trading.
The price of the pound of gold (8 grams of 21 carat) was about 1424.60 riyals (379.89 dollars), compared to 1433.89 riyals (382.73 dollars) yesterday.
Globally, gold prices fell by more than 1% at the end of trading on Monday, to their lowest levels in 9 months with the rise of the dollar and US Treasury yields remaining high, which reduces the attractiveness of the precious metal.
Gold fell in spot transactions 1.14% to 1681.40 dollars an ounce in the late trading session, its lowest level since the eighth of June.
And US gold futures fell more than 1% to record at the settlement at $ 1678.00 an ounce.
The dollar jumped to the highest level in more than 3 months, while the US Treasury yields for ten years settled near the highest level in the most.